FxWirePro: Singapore dollar trades marginally lower ahead of retail sales data
USD/SGD is currently trading around 1.3614 marks. It made intraday high at 1.3615 and low at 1.3600 levels. Intraday bias remains bullish till the time pair holds key support at 1.3573 mark. A daily close above 1.3606 wi…
It made intraday high at 1.3615 and low at 1.3600 levels.
Intraday bias remains bullish till the time pair holds key support at 1.3573 mark.
A daily close above 1.3606 will test key resistances at 1.3637, 1.3670, 1.3706, 1.3770, 1.3790, 1.3827, 1.3913, 1.3945, 1.3984 and 1.4012 marks respectively.
Alternatively, a consistent close below 1.3573 will drag the parity down towards key supports at 1.3522, 1.3490, 1.3447 and 1.3387 levels respectively.
Important to note here that 20D, 30D and 55D EMA heads down and confirms the bearish trend in a daily chart. Current upside movement is short term trend correction only.
Singapore will release retail sales data around 0500 GMT.
We prefer to take long position on USD/SGD around 1.3608, stop loss at 1.3590 and target of 1.3637/1.3670.
